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Market closes week positively

SHANGHAI'S key stock index closed higher today with strong performances by property developers and coal producers.

The benchmark Shanghai Composite Index was up 0.92 percent, or 28.11 points, to close at 3,088.37 points. Turnover dropped to 177.44 billion yuan (US$26.09 billion) from 181.11 billion yuan. Gainers outnumbered losers 515 to 333 and 24 remained unchanged.

The Shenzhen Composite Index, which tracks the smaller domestic market, rose 1.38 percent to close at 1,000.68 points.

China Vanke Co, the biggest listed domestic real estate developer, rose 6.97 percent to 14.28 yuan. Gemdale Corporation added 8.23 percent to 18.41 yuan. Poly Real Estate Group was up 5.21 percent to 30.51 yuan. China Merchants Property Development Co Ltd surged by 10 percent daily cap to 37.35 yuan.

Banks showed mixed results. Industrial & Commercial Bank of China, the nation's biggest lender, edged down 0.36 percent to 5.48 yuan. Shanghai Pudong Development Bank rose 1.84 percent percent to 24.93 yuan. China Construction Bank was up 0.63 percent to close at 6.4 yuan. Bank of China lost 0.64 percent to 4.63 yuan. China Citic Bank was down 0.99 percent to 6 yuan.

Metal producers were among the losers. Aluminum Corporation of China Ltd dropped 0.79 percent to 12.58 yuan. Zijin Mining Co lost 1.39 percent to 10.64 yuan. Jiangxi Copper Co retreated 2.24 percent to 32.72 yuan.


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